Islamic ethics governs all aspects of life and encourages honesty, fairness, and justice in business transactions. Honesty is seen as the key to success and increases trust between buyers and sellers. Business practices like deception, unequal treatment, excessive profits, bribery, and interest are prohibited in Islam to protect people's well-being.
Islamic ethics governs all aspects of life and encourages honesty, fairness, and justice in business transactions. Honesty is seen as the key to success and increases trust between buyers and sellers. Business practices like deception, unequal treatment, excessive profits, bribery, and interest are prohibited in Islam to protect people's well-being.
Islamic ethics governs all aspects of life and encourages honesty, fairness, and justice in business transactions. Honesty is seen as the key to success and increases trust between buyers and sellers. Business practices like deception, unequal treatment, excessive profits, bribery, and interest are prohibited in Islam to protect people's well-being.
Islamic ethics governs all aspects of life and encourages honesty, fairness, and justice in business transactions. Honesty is seen as the key to success and increases trust between buyers and sellers. Business practices like deception, unequal treatment, excessive profits, bribery, and interest are prohibited in Islam to protect people's well-being.
Branch of ethics that examines ethical rules and principles within a commercial context. Islam places the highest emphasis on ethical values in all aspects of human life.
In Islam, ethics governs all aspects of life.
The Prophet (P.B.U.H) said:
"I have been sent for the purpose of perfecting
good morals." HONESTY:
Secret of success in business.
Islam encourages truthfulness in business
transactions and raises the status of a truthful merchant.
Allah blesses business dealings if both the buyer and
the seller are true to each other. “HONESTY IS THE ONLY POLICY” Trust is a moral virtue and duty incumbent on a Muslim in the performance of his affairs.
It demands sincerity in work, avoid fraud, deception,
and other dubious means in selling his merchandise. Treat people equally. Traders should moderate in all things without profitable side party. fair or equal treatment of all our customers. consider fair and unbiased and gives the right to the right. Islam puts certain conditions and restrictions to obviate the chances of bitterness between the employer and employees.
Fair wages on time.
good working conditions. suitable work and excellent brotherly treatment should be provided to the workers. what Islam allow: seller has right to place Profit as much he wants but when there is alternative.
If there is monopoly in some product then
the profit margin need to be small.
what ethics says:
In any situation your profit margin should not be double than your cost. Bribery. (Al-Baqarah: 188) Usurping others’ property. (Al-Baqarah: 188) Fraud. (Al-Imran: 161) Stealing and Robbery. (Al-Maida: 38) Income from sources of vulgarity. (Al-Noor: 19) Gambling. (Al-Maida: 90) Wine and its business. (Al-Maida: 90) Interest. (Al-Baqarah: 275) Hoarding of foodstuff. WHY ISLAM PROHIBITS SUCH TYPE OF BUSINESS ?
Islam prohibits certain type of business due to the
“concern to protect health and life” (Zinkin 2005). The Prophet said: